Jobs threatened by olive oil glut

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Olive oil surpluses could reach more than 1.1 million tonnes this year

Sarah Bloch

Last updated at 12:48AM, May 28 2012

A glut of olive oil in southern Europe means that countries already hit by the economic crisis now face record low crop prices, threatening rural jobs.

The price of olive oil in Spain, Italy and Greece, the top producing countries in Europe, has fallen to a ten-year low, as because of financial contraints consumers forgo what was once a staple of the Mediterranean diet.

The EU has intervened to protect rural incomes, and will now pay private companies to stockpile 100,000 tonnes of virgin and extra virgin olive oil for up to 180 days.